Largo Acquires 100% Interest in its Maracas Vanadium Project

Symbol: LGO (TSX.V) www.largoresources.com
TORONTO, Dec. 21, 2012 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company")
is pleased to announce that it has completed its previously announced
acquisition of the remaining 10% interest in its Maracás Vanadium Project
in Bahia State, Brazil (see press release dated October 11, 2012). This brings
the Company's total interest in its flagship Maracás project to 100%.
Mark Brennan, President and Chief Executive Officer of Largo stated: "We are
very pleased to finalize the acquisition of the remaining 10% interest in the
Maracás Vanadium Project. As we continue to make significant progress with
construction at the project and draw nearer to production and cashflow, we
believe that securing this remaining interest is a significant benefit for the
company and our shareholders."
Largo also reports thatit has todayre-filedits October 26, 2012
technical report (the "October Technical Report") for the Largo Maracás
Vanadium Project, 1 Million Tonnes per Year Processing Plant, Brazil (the
"Project"),the preparation of which was managed by Runge - Pincock, Allen &
Holt ("Runge"), who engaged consultants and contributors to provide supporting
reports and data for the October Technical Report. The Ontario Securities
Commission has advised the Company that Warren Nimchuk of Hemmera Envirochem
Inc. (Hemmera), whowas engaged by Runge,did not meet the "engineer or
geoscientist" test in the definition of "Qualified Person" in Section 1.1 of
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101"), and was therefore not eligible to act as a Qualified Person under NI
43-101, and could not co-author the October Technical Report or take
responsibility for the disclosurein the October Technical Report regarding
Environmental Studies, Permitting and Social or Community Impact.
As a result, the Company hastoday filed a revised technical report for the
Project dated December 21, 2012 (the "Revised Technical Report"), co-authored
by Mr. Scott Weston, M.Sc., P.Geo of Hemmera and who is a professional
geoscientist and the Mining Sector Leader for Hemmera, and a Qualified Person
under NI 43-101. Mr. Weston has over 14 years experience in environmental
impact assessments.
About Largo
Largo is a Canadian-based mineral resource development company focused on
creating a world leading strategic metals company. The immediate goal of the
Company is to develop the Maracás Vanadium Project by the end of Q4, 2013 and
to produce WO(3) concentrate from the reprocessing of tungsten tailings from
Currais Novos. Largo's skilled management team both in Canada and Brazil,
are confident in their ability to advance these projects. Largo currently
holds a 100% interest in the Maracás Vanadium Project, a 100% interest in the
Currais Novos Tungsten Tailing Project, a 100% interest in the Campo Alegre de
Lourdes Iron-Vanadium Project, all in Brazil, and a 100% interest in the
Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory,
Canada.
Largo is listed on the TSX Venture Exchange under the symbol "LGO".
For more information please refer to Largo's website: www.largoresources.com
Disclaimer
This press release contains forward-looking information under Canadian
securities legislation. forward-looking information includes, but is not
limited to, statements with respect to completion of the private placement,
Largo's development potential and timetable of the Maracas and Northern Dancer
projects; Largo's ability to raise additional funds necessary; the future
price of tungsten and molybdenum; the estimation of mineral reserves and
mineral resources; conclusions of economic evaluation; the realization of
mineral reserve estimates; the timing and amount of estimated future
production, development and exploration; costs of future activities; capital
and operating expenditures; success of exploration activities; mining or
processing issues; currency exchange rates; government regulation of mining
operations; and environmental risks. Generally, forward-looking statements can
be identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or "will
be taken", "occur" or "be achieved". Forward-looking statements are based on
the opinions and estimates of management as of the date such statements are
made. Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Largo to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to those risks described in the annual information form of
Largo and in its public documents filed on SEDAR from time to time. Although
management of Largo has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Largo does not undertake to update any forward-looking statements,
except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Darcie Ladd Manager Business Development 416-861-9406 dladd@largoresources.com
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SOURCE: Largo Resources Ltd.
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CO: Largo Resources Ltd.
ST: Ontario
NI: MNG
-0- Dec/21/2012 21:38 GMT